Toronto, ON (Jan. 6, 2020) – Our quoter was designed to eliminate notorious pain points in the quoting process for consumers. Consumers are typically required to look up detailed information about their home to get an accurate home insurance quote — information they may not have immediate access to, such as the replacement cost, square footage of their home and distance to a fire station. If these are not provided accurately, which is all too common, then their quote can be wildly inaccurate.
We partnered with several companies and put thousands of hours into development to solve this problem and create an easy-to-use home insurance quoter that compares the market for Canadians. We work with Canada Post so that when a consumer begins entering an address, a drop-down menu provides choices with accurate addresses and postal codes. The quoter also incorporates iClarify, a property insurance valuation tool that automatically fills in pertinent information about a home so users don’t have to find it themselves.
Having the right information improves the experience not only for the consumer, but also for our insurance partners. When consumers input wrong information, they may be given a quote that could be considerably cheaper than what they should be paying. If that happens, our partners who buy our leads are left with a consumer who may be frustrated they are receiving a different price than they expected.
Our quoter solves this problem, leading to more accurate results, happier consumers, and better leads for our partners.
Home insurance is a competitive space in Canada, but it is still a difficult and frustrating experience for consumers to find detailed information about their homes to get an accurate quote. We have made the experience much more simple, while offering a large number of home insurance providers for consumers to compare.
Our quoter is the easiest to use in Canada (due to the above-mentioned technologies), provides quotes in the shortest amount of time (due to the automation we have developed in pulling key customer data) and now provides consumers with the most choice of insurance companies to compare in the home insurance space.
We believe we have developed the gold standard for insurance rate comparison in Canada with this tool. Typically, if Canadians wanted to get multiple quotes on their home insurance, this involved calls or online quotes with a variety of different companies, resulting in hours of time wasted. With our quoter, an even broader comparison can be achieved online in minutes, saving Canadians hundreds or thousands of dollars a year in the process. We expect that more brokers and insurance companies will be signing up with us in the coming months as the massive success of our quoter program continues to generate even more high-quality leads for us and expands our market reach.
Our qualitative success metrics continue to be measured, as this will involve monitoring our reviews on Google, Trustpilot and Facebook to ensure either the number of positive reviews rises or the number of bad reviews declines (we currently have among the highest levels of satisfaction for a rate comparison website in Canada on social media, based on reviews on Facebook and Google). We will also continue to monitor feedback from partners to ensure they are receiving high-quality leads.
Our quantitative success metrics include increased conversion, increased revenue from home insurance, higher prices for our leads and a larger number of partners signing up to buy our leads.
Several early metrics already show incredible promise. For instance, our conversion based on traffic to our home insurance pages has increased from 29.9% to 51.6% within the first month of deployment. Due to the higher quality of leads, we have received very positive feedback from our insurance partners, saying they’ve closed more sales. We expect this to continue to improve as we generate more leads and bring on more partners.
LowestRates.ca is an online rate comparison site for insurance, mortgages, loans and credit card rates in Canada. The free, independent service connects directly with financial institutions and providers from all over North America to offer Canadians a comprehensive list of rates. LowestRates.ca’s mission is to help Canadians become more financially literate, with the goal of saving them $1 billion in interest and fees.
Source: LowestRates.caTags: buy online, iClarify, ICTA nomination, LowestRates.ca, Quote and Bind